Weekly World Numismatic News for January 7, 2019
The important news is not being reported in the numismatic press nor by those who are supposed to watch over the industry. The important news is the government shutdown and its potential effects on the economy as a whole.
Market performance is like a disease. When one part gets infected the rest of the organism will follow. The part the economic organism that is getting infected is the Washington, DC area. Home to 15 companies in the Fortune 500 including government-sponsored Fannie Mae and Freddie Mac, The Washington Post is reporting that 174,800 people have been furloughed in the Washington, DC-area because of the shutdown.
When that many people are not getting paid they are not spending money and the economy gets stagnant. When a region as significant in size becomes stagnant, it is only a matter of time before it spreads to other areas including those where the federal government has the most impact including Alaska, Montana, and New Mexico. Farming states could also feel the impact since the U.S. Department of Agriculture is closed and cannot process subsidy (welfare) checks for farmers hurt by the trade war with China, potentially affecting the price of food.
Since the markets do not like uncertainty, investors tend to seek refuge in precious metals, primarily gold and silver. The problem is that there is so much news that timing the markets has given the market watchers whiplash as the uncertainty seems to force the professional investors (gamblers) to treat the market like they are playing the hokie-pokey: a little bit in, a little bit out, panic a little and shake all about the next news cycle.
The dollar is strong but that is because the Federal Reserve did not raise rates in December. While that averted a panic, the Fed may not be able to hold back if the shutdown continues and puts inflationary pressure on the economy.
With news cycles that could change at the drop of a Tweet, it does not make sense to try to time the market. However, if the price of gold climbing as a result of those in the equity markets looking for a safer haven, you may want to tell your representatives in Congress to work to end this shutdown. Although some would love to see $2,000 per ounce gold prices, it could negatively impact the economy and your ability to collect.
And now the news…
Have you ever wondered what happened to all the old, round £1 coins after they were removed from circulation? We just found out
→ Read more at mirror.co.uk
Chain restaurants Sweetgreen and Dig Inn in the US have already stopped accepting cash. Starbucks and UK pubs are also moving towards card and contactless.
→ Read more at dailymail.co.uk
U.S. Mint sales of American Eagle gold and silver coins dropped to their lowest …
→ Read more at reuters.com
Editor's Note: Kitco News has officially launched Outlook 2019 – Rush To Safety – the definitive reference for precious metals investors for the new year. We chose this year's theme as financial markets face growing uncertainty.
→ Read more at kitco.com
PolicÃa Nacional has issued a warning after a rise in reported cases of members of the public receiving the wrong currency in their change. Instead of being handed back euros, unsuspecting holidaymakers and expats are being short-changed with coins of much lower value compared to the euro.
→ Read more at express.co.uk
KIND-hearted shopkeepers are helping an Inverness youngster with her coin collecting hobby by setting aside specially-minted versions of 50p and £2 coins produced to commemorate historic occasions. A Girl Guides centenary 50p sparked the interest of Cradlehall Primary’s Isla Macdonald, who now has 40 special 50p coins and 30 differently designed £2 coins.
→ Read more at inverness-courier.co.uk
New at the US Mint
After a few days of doing real work, I want to get back in to some numismatics. While sitting in my office waiting for a Friday afternoon meeting to start, I surfed over to the US Mint’s online catalog to see what is now available. I noticed that since January 5, the Mint has been selling the 50 State Quarters clad proof set. For $15.95, collectors can purchase the packaged clad proof quarters for this year (Nevada, Nebraska, Colorado, North Dakota, and South Dakota). As a fan of the 50 State Quarters program, this is a nice set to have.
Yesterday, the Mint started pre-selling rolls and bags of uncirculated coins for the Return to Monticello design from the Westward Journey Nickel Series for shipping on January 28. This is the last coin of the series which features a full-face portrait of Thomas Jefferson, the 3rd President of the United States. It’s an interesting concept, but I still like the Joe Fitzgerald designed portrait uses on the 2005 nickels. That portrait really ads a sense of character to Jefferson.
Next Tuesday, January 17 is the 300th Anniversary of Benjamin Franklin‘s birth and when the Mint will release the Benjamin Franklin commemorative coins. Under the Benjamin Franklin Commemorative Coin Program, there will be two $1 commemorative in uncirculated and proofs. One will represent the younger Franklin scientist. The other, the elder statesman. This is a nice set for commemorative collectors.
Numismatic Resources
One of the things I like to do while writng these entries is to link to provide the readers with links to other information. I know these links are valuable becausae they are right out of my bookmarks file and where I go when I want to read more about a topic. So rather than make everyone hunt down every posting for information, I combined the links into a single area for reference.
If you look on the left column of this screen, you will find a line that says Numismatic Links. If you click on that hyperlink, it will take you to a virtual notebook that I am keeping of the linked items. The notebook is converted to HTML for viewing in your browser. The notebook is divided into catagories, and each page represents a subject within that catagory. So if I mention information found on the US Mint’s website, you can look in the notebook under the “Numismatic Information” section on the page for “US Mint Resources.”
A unique feature of this notebook is that I annotate every entry with a link to the blog entry (or entries) where it was mentioned below the entry and right justified. So if you are interested where I discussed the 2006 Benjamin Franklin Commemorative Coin Program, the entry says that it was mentioned in the entry titled Happy 2006! Just click the direct link and read all about it.
It is important to note that it may take up to 24-hours to update the Links Notebook following a posting because it is a manual process.
Let me know what your think or if you find dead or otherwise invalid Links. Happy Collecting!
Why I Disagree with the Coin Lobby Blog
Coin Lobby is a blog advocating returning the image of Liberty to US coinage. The blogger, identified as Hayden Rose of Matthews, NC in Numismatic News (edition dated 1/3/06), provides a generic letter for the reader to send to their member of congress and provides links to help you find your representative.
With all due respect to Mr. Rose, I disagree. With regard to his proposal, I wrote the following on his blog:
Prior to President Theodore Roosevelt becoming fed up with the blandness of US Coinage, coin images were dominated with images of Liberty. Liberty was standing or sitting; we saw a full bust or with a “silly head;” she wore headdresses and laurel leaves. At one time, the same image of Liberty dominated silver coinage complements of a stubborn mint engraver.
But T.R. change this. Athough he inspired the striking images of August Saint-Gaudens, Roosevelt was instrumental in honoring Abraham Lincoln on US Coinage. And without T.R. would we have James Earle Fraser’s Indian Head or Buffalo Nickel? Roosevelt ushered in a change for US coinage that has been good for everyone, even numismatics.
But for some, this is not good. Even though the 50 State Quarters and the Westward Journey Nickels have inspired new artists and collectors, Some want to return to the past. I am not one of those people!
The 50 State Quarter program ends in 2008 (unless there is an extension for the District of Columbia and other territories) and the Westward Journey Series will end in 2006 with the issue of the long-term design for the nickel. Both have been popular programs, including the big sales of the 2005 Bison Nickel design. It is a great time to be a collector!
I am looking forward to see how the quarter will be redesigned in 2009 or 2010. I am also excited about the presidential dollars and the bicentenital of Lincoln’s birth circulating commemoratives in 2009. That will be interesting!
Over all, I am more positive about the future of numismatics with these new coins and, quite frankly, see the full-time return of using the image of Liberty on US coinage to be regressive and not progressive.
Happy 2006!
As we start the new year, we can begin to look forward to what will be available to us from the US Mint. I was looking at the 2006 Scheduled Products Listing on the Mint’s website and noticed that they are releasing more items earlier. For example, the 50 State Quarters Proof Set is going to released on January 5 and the Return to Monticello nickel from the Westward Journey Nickel Series will be available in bags and rolls on January 12. Although this can change for a number of reasons, including production issues, this is earlier than in the past.
Dealers who sell the uncirculated American Silver Eagle coins are advertising that they will be able to ship first-strike coins by mid-January. Proof silver and gold American Eagles will be available from the Mint on February 2.
For those collecting commemoratives, the Benjamin Franklin Commemorative Coin and the Coin & Chronicals Set will come out on January 17, the tercentennial of Franklin’s birth. According to the Mint’s website, this is going to be the only commemorative for 2006. Commemorative collectors can use this draught to fill holes in their collections.
Otherwise, 2006 may not be that exciting of a year for the Mint. The only other listings are for the Nevada, Nebraska, Colorado, North Dakota, and South Dakota quarters. While the quarters a fun, the last two years with the Westward Journey Nickels were even better. Hopefully, the Mint will keep its website working and fix its shipping issues.
Showing Off My Gift!
Since this is my blog, I get to take the chance to show off. Today, I am showing off the gift I received from my fiancée. After going through a box of paired dice showing all fives, dice-theme packing, dice envelopes with two chocolate Chanukah Gelt, and two dice candles with the fives showing on the top, I came on the final envelope at the bottom of the box. In the envelop was a Capital Plastics holder with a coin. That coin is known as the “King of Kings” of errors and the most famous die variety in the world: The 1955 Double-Die Obverse (1955-1DO-001).
My fiancée, a wonderful woman whose previous gifts were a 1909-S VDB and 1928 Peace Dollar, said that this was not an easy coin to find. She spoke with several local dealers for weeks and was able to find one in the past week. To her credit, she did some research to not only find area dealers but what to look for. She may not be a numismatist, but she does take an interest in what I find.
Click on the image to see a large image of the coin. The doubling is very distinctive and really neat to see. Thank you, dear, for another wonderful gift!